In a blog post earlier today following rumors yesterday, Motorola Mobility CEO Dennis Woodside has confirmed he will depart the company next month for a new role at Dropbox as the cloud storage provider’s first COO. With Woodside leaving shortly after the sale of the division by Google to Lenovo, it caps off three years of red ink for the executive.

While Woodside oversaw the rebuilding process of Motorola after he replaced Sanjay Jha in 2011, Woodside’s efforts to stem years of losses never resulted in the positive gains the manufacturer needed, even though he oversaw development of the Moto X and Moto Maker customization initiative, which while being praised critically, never resulted in enough sales volume to justify the expense of creating the infrastructure needed for the heavily customized devices.

Woodside also oversaw the evolution of the Verizon Droid line and the development of the Moto G, another critically praised Android smartphone that serves as Motorola’s re-entry into developing markets after contracting heavily in 2010 and pulling out of the majority of international markets to stem previous losses. Woodside will be moving to Dropbox and become the company’s first COO.